FxWirePro: ASX200 struggles to break above 5200, good to buy at dips
Major resistance - 5205 (21 4H MA) Major Support - 5130 (200 day MA) ASX200 has recovered till 5198 at the time of writing from the low of 5143 made yesterday .The index has not able break above 5200 and has started to d…
ASX200 has recovered till 5198 at the time of writing from the low of 5143 made yesterday .The index has not able break above 5200 and has started to decline from the high made today. It is currently trading at 5170.
Short term trend is slightly bullish as long as support 5130 holds.
Any violation below major support will drag the index down till 5075/5000 in the short term.
On the higher side any break above 5205 will take the index to 5250 (55 day EMA)/5300/5337 (21 day MA).
It is good to buy at dips around 5160-65 with SL around 5130 for the TP of 5250
